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examining both the cash receipts journals and the invoice logs
that Ms. Olbres maintained would have no idea that Design Consul-
tants and/or White Star received commissions in the amounts paid
to them by Greyhound and/or Mayflower.
During 1986, 1987, and 1988, petitioners leased (1) certain
property in North Berwick, Maine (North Berwick property), to
Kitchen Tech for which they received rental income of $2,925,
$3,890, and $1,480, respectively, and (2) certain property in
Seabrook, New Hampshire (Seabrook property), to Johnson Matthey,
Inc. (Johnson Matthey), for which they received $46,969, $48,000,
and $12,000, respectively. During 1988, petitioners also re-
ceived rental income of $900 from Traditional Wood Works, Inc.,
and $28,000 from White Star for the use of a building on the
North Berwick property that had previously been used by Design
Consultants. Petitioners deposited at least a portion of the
rental income that they received from Johnson Matthey into the
Seabrook Properties account.
Petitioners' Accountant, Mr. Dennett
Mr. Dennett's Professional
Background, Experience, and Practice
During 1960, Mr. Dennett, who at the time was a public
accountant, began his accounting practice. Around the late
1970's, he became qualified as a certified public accountant
(C.P.A.) in New Hampshire, after having unsuccessfully taken the
C.P.A. examination approximately seven times.
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